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RMB Pre-settlement Remittance

If you remit USD funds via ICBC Korea branch, the ICBC China branch will convert the USD funds into CNY funds based on the foreign exchange rates that you have verified at the time of your remittance, and then transfer the CNY funds to the beneficiary’s CNY account.
 
√ Eligibility
Individual (residents and non-residents)
√ Transaction Type
- Residents (except foreigners): Payment that neither requires you to report to the FX authorities nor submit a certificate of payment. (cannot be used for trade/service/capital transactions)
- Foreigner-residents and non-residents: Payment of domestic income, etc.
√ Transfer Limit
USD50,000 or less per year. (In case of domestic income paid to Foreigner-residents or non-residents, you can transfer more than USD50,000 by submitting a document to prove the income source of the funds to be transferred.)
√ Fees & Charges
 
Remittance Remittance Fee T/T Fee
Less than KRW 8mil KRW8,000 per transaction KRW7,000 per transaction
KRW 8mil ~ KRW 20mil Remittance in KRW*0.1% per transaction KRW7,000 per transaction
More than KRW 20mil KRW20,000 per transaction KRW7,000 per transaction
*As of 2015.06.15
*Additional service fee will be charged and deducted before the final transfer to the beneficiary account. CNY10 in case the final beneficiary is ICBC or CNY20 for other banks.
 
◎ It is convenient for both sides as the remitter is aware of the final amount in CNY to be arrived in the beneficiary account and the beneficiary can directly receive the funds in his/her account.
◎ You can transfer your money to China at more favorable exchange rates than when converting KRW funds into CNY funds in China.
◎ Your money transfer will be completed in no time to any bank in any place in China. (It takes a couple of days on average in case the beneficiary is ICBC)
 
* This information was provided in Jun 2015, and thus, the actual business process will conform to the relevant regulations at the time of actual business.
* Please refer to the Terms & Conditions for details.
* CNY Direct Remittance is only permitted for transactions between individuals (not for sole proprietors or corporations). The beneficiary must be a Chinese individual and the beneficiary country must be designated as China.
* If the amount of inward remittance collected by and the amount of foreign exchanges traded by one individual add up to more than USD50,000 per year, the transaction will be automatically cancelled and refunded in accordance with the regulations in China.